LETTERS have been published on successive days, critical of the possibility of Scotland having its own currency (Ian Lakin, April 29 and Jill Stephenson, April 30). Their criticisms are the well-worn ones that we became familiar with in 2014 – “shredded” by currency speculators, more expensive mortgages and loans, the exchange rate would (of course) be unfavourable and son on. All of these, though possible, are by no means inevitable. They merely fit the Unionist critique of independence that Scotland should stick with the UK, which would mean continuing to use the pound. In 1953, the pound was worth $2.80. At the time of writing this morning it is $1.30 – a decline of more than half.

While this is a relatively long period, it does illustrate the decline in both Sterling and in the UK. Moreover, $1.30 is not as bad as it has been. At one point during the early 1980s the pound almost fell to parity with the dollar. Nor is this true only relative to the dollar. When launched, a euro was worth only 70 pence. This morning it is worth 86.5p, so over 20 years, the pound has lost 23 per cent of its value relative to the Euro, and against those countries we are determined to leave.

Financial journalist Ed Bowsher has said that "the long-term trend of the pound is downwards”. Why should this be? His less-than-startling conclusion was because “we have imported more than we have exported”. However, trade imbalance is nothing new. The same hand-wringing has been going on for 50 years or more. Harold Wilson’s remedy was “the white-hot heat of technology”, Edward Heath tried to introduce American-style industrial relations and slaughter “sacred cows”, Margaret Thatcher exposed the country to monetarism and the market’s power. But, while there have been periods of recovery as well as periods of crisis (for example, “Black Wednesday”), the trend in the value of the pound is downwards.

Based on HMRC data, last year the BBC published figures which showed that the UK’s trade deficit had been £138 billion in 2017. Of the four UK “nations”, Scotland’s trade was in surplus by £4.6 billion. Wales had a small deficit, and Northern Ireland a surplus, though smaller than Scotland’s. The trade deficit for England was £128.2 billion, or almost 93 per cent of the UK’s deficit.

While care must be taken with these figures, as they do not consider trade within the UK, it is clear that the source of the UK’s chronic deficit on world trade, which has never been effectively addressed, does not lie with Scotland. While England is 84 per cent of the UK’s population, it is responsible, based on the above figures, for 93 per cent of the trade deficit.

A new currency involves risks, but the outcomes suggested by your correspondents are by no means inevitable. Avoiding such risks are the reason for Andrew Wilson’s caution and the six tests in the Growth Commission Report. However, based on the data, continuing with the pound is to accept the strong likelihood of continuing decline.

Alasdair Galloway,

14 Silverton Avenue, Dumbarton.

SELF-GOVERNMENT is normal and Scotland will continue to use the pound on Independence Day. Only when it is sensible to do so will the pound be phased out and a new currency phased in over time. This will be decided when the Scottish Parliament, which might be Labour or Conservative-run, decides it is in our best interests.

The 2014 scare stories rehashed by Jill Stephenson (Letters, April 30) can be easily answered by looking at the situations elsewhere in the world.

More than 75 per cent of Canada's trade is with the United States, yet the Canadian dollar floats freely with the US dollar without any problems. The NZ pound was the currency of New Zealand until 1967 when it was replaced by the dollar. Under the new currency, no mortgages or pensions were lost; no one noticed the change and things carried on as usual.

A Scottish currency does not equal higher mortgage rates when comparing the UK with other European nations: UK 2.1per cent, Sweden (own currency) 1.48 per cent, Portugal (in euro) 1.33 per cent, Denmark (own currency) 0.79 per cent and Finland (in Euro) 0.88 per cent.

The need for currency reserves should be covered by Scotland's share of UK reserves. Those opposed to Scotland's self-government fail to acknowledge that Scotland will be legally entitled to a pro rata share of UK assets and who knows what Sterling will be worth in five years' time after the UK crashes out of the EU.

Mary Thomas,

Watson Crescent, Edinburgh.

Read more: Derek Mackay accused of being in ‘full retreat’ on new currency

I READ today that Ruth Davidson is apparently quoting from the Edinburgh Agreement where Nicola Sturgeon is said to have signed that she would accept the result for a generation ("Davidson: ‘I will be voice of Scots majority against Indy’", The Herald, April 30).

That struck me as curious; I do not remember that the Edinburgh Agreement used the word “generation” at all, and on checking the text of the Agreement the word does not appear at all. Also such a vague word would have no place in a legal document.

What I do remember is Alex Salmond using the word in the campaign to emphasise the importance that we should give to the occasion as Westminster would not be inclined to give us another chance – for a long time.

The Unionists are certainly proving that Mr Salmond had it right, but Ms Davidson needed a wee boost to celebrate her return to frontline politics. She is obviously worried about the popularity of independence – and in the superbourach (now there’s a new expression) created by her failing party rightly so.

Jim Lynch,

42 Corstorphine Hill Crescent, Edinburgh.

AS a poll reveals a sharp rise in opposition to immigration in Scotland ("More Scots say too many migrants in UK, finds poll", The Herald, April 30, are we about to see some back-peddling from Nicola Sturgeon around her relentless enthusiasm for inward migration?

While I'm personally comfortable about immigration, the reality is that opposition to immigration is increasing across Scotland as immigration rises. This is despite migrants comprising only nine per cent of Scotland's population compared to more than 14 per cent across the UK.

Ms Sturgeon likes to portray the people of Scotland as liberal and inclusive, often attempting to draw a contrast with elsewhere in the UK. As Scotland's attitude to immigration becomes increasingly similar to elsewhere in UK, perhaps this is just another pan-UK commonality?

Martin Redfern,

Woodcroft Road, Edinburgh.